A hacker has been sentenced to five years in prison for helping to launder the money from one of the largest cryptocurrency thefts ever.
Ilya Lichtenstein, who admitted to his role in the 2016 hack of the Bitfinex cryptocurrency exchange, stole almost 120,000 bitcoins.
At the time, the stolen bitcoin was worth around $70 million, but by the time Lichtenstein and his wife, Heather Morgan, were caught, its value had soared to more than $4.5 billion.
Lichtenstein used advanced hacking tools to steal the cryptocurrency and, along with Morgan, used creative ways to hide and move the stolen funds, including switching them into other cryptocurrencies, using fake identities, and buying gold.
They were arrested in 2022, and the Department of Justice seized $3.6 billion in assets, the largest financial seizure in its history.
Morgan, who went by the rap name “Razzlekhan” and posted hip-hop videos online, also pleaded guilty to money laundering charges and is set to be sentenced on November 18.
While Lichtenstein expressed regret for his actions, he hopes to use his skills to fight cybercrime once his sentence is over.
The case shows that even with the growing popularity of cryptocurrencies, there are serious legal consequences for those who try to steal or launder money online.
According to BBC, the judge emphasized that crimes like this will not go unpunished
https://www.bbc.com/news/articles/c2dl70wed1lo